You must read this policy carefully. By using your Bloom Money account or joining a Circle, you agree to the terms below. If you do not accept these terms, do not participate in Circles.
This policy outlines the responsibilities of Circle members who leave early, miss contributions, or are impacted by missed payments from others. It explains the limited role of Bloom Money and makes clear that joining a Circle involves financial risk.
📌 Important Notice
When you join a Circle, you agree to a community-based arrangement with other individuals. By joining, you accept the risk that you may lose money, particularly if other members do not pay. Bloom Money does not guarantee payouts and is not responsible for recovering missed contributions.
✅ Our Role and Regulatory Compliance
Bloom Money is a financial technology provider and distributor of e-money accounts under the supervision of the Financial Conduct Authority (FCA).
The Bloom Money App facilitates contributions and payouts within community-based money Circles.
We operate under the e-money licence of AF Payments Limited, an Electronic Money Institution (FCA FRN: 900440), in compliance with the Electronic Money Regulations 2011.
We do not hold customer funds directly, act as a bank, or provide regulated credit products.
Our role is limited to:
Automating scheduled pay-ins and payouts,
Providing visibility and tracking for Circle members,
Communicating updates and facilitating administration.
We are not a party to any financial agreement between Circle members and do not guarantee that you will receive your full payout.
👥 If You Are a Contributing Member Affected by Someone Else’s Missed Pay-In
If you receive a reduced payout, it is because another member did not fulfil their agreed contribution.
What You Need to Know:
Bloom Money does not cover shortfalls. We do not replace missed contributions from our own funds.
We do our best to collect missed payments, including sending reminders and issuing invoices after repeated failed pay-ins.
We cannot guarantee recovery of those funds.
Your payout date or amount may be reduced as a result.
By joining a Circle, you accept this risk and acknowledge that payouts are dependent on other members fulfilling their commitments.
🚫 If You Miss a Pay-In or Leave a Circle Early
Bloom Money takes defaults seriously and has a formal process for handling missed contributions.
If You've Received a Payout But Not Completed Contributions:
You remain responsible for completing all future pay-ins.
You may be contacted by Bloom Money and asked to arrange repayment directly with your Circle admin.
We reserve the right to take the following actions:
Restrict your access to the Bloom Money app and block you from joining future Circles,
Notify other Circle admins you are involved with,
Report your default to Credit Reference Agencies (CRAs), which may affect your ability to access credit elsewhere,
Pursue legal action or instruct a debt collection agency to recover the outstanding amount.
If You’ve Contributed But Leave Before Your Payout:
You may request to leave via the app.
Your contributions will be refunded after the Circle ends, not immediately.
We reserve the right to deduct applicable fees from your refund, including:
The standard Circle fee (currently 4%),
Any unpaid late fees (£3 per missed pay-in),
Any outstanding balance owed to Bloom Money.
Your departure may impact other members and result in admin notifications or restructured payout dates.
🔁 Our Current Default Handling Procedure
When a pay-in fails, we follow this process:
Immediate Attempt to Retry: We attempt the pay-in again using your linked payment method.
Communication: We contact you via email and/or in-app messages to request payment.
Tracking: Failed pay-ins are tracked within your account and recorded against your profile.
After 5 Failed Attempts:
We issue a formal invoice for the outstanding amount,
We add a late fee of £3 per missed pay-in,
We reserve the right to report your default to Credit Reference Agencies (CRAs),
We may initiate legal proceedings or refer your case to a debt collection agency to recover the owed funds.
🔐 Your Responsibilities as a Circle Member
By joining a Circle, you agree to:
Make every contribution in full and on time.
Remain in the Circle until your payout is received.
Communicate with your Circle admin if you are unable to make a payment.
Accept the risk of reduced payouts due to other members’ defaults.
Take full responsibility for your own financial commitments and budgeting.
🛠 Bloom Money’s Role and Limitations
We facilitate the management of Circles and automate payments.
We do not guarantee you will receive a full payout.
We do not intervene in disputes between members.
We do not provide insurance or compensation for missed contributions.
💬 Need Help?
For questions or support, contact us:
📧 contact@bloommoney.co
📮 71-75 Shelton Street, London, WC2H 9JQ